However, those 10,000 bitcoins btcusd, +0.12% would be valued at approximately $380 million at current exchange rates for the world’s largest crypto, which last changed hands at approximately $38,000 at coindesk on saturday. The valuation is despite a bitcoin sell-off that has seen the virtual asset drop more than 40% since a peak in mid-April.
At that peak, hanyecz’s yen per pizza would net him approximately $680 million, assuming he held onto the virtual currency, which was designed by a person (or persons) who identified themselves as satoshi nakamoto in 2009.
Reading: Guy buys pizza with bitcoin
hanyecz would go on to disburse 100,000 bitcoins that would now be worth 3.8 billion dollars, according to the us. sun edition.
cointelegraph quoted the programmer in 2018 as saying he has “no regrets” for shelling out bitcoins he had mined in any way over a decade ago. After all, how was he to know that bitcoin would be the progenitor of a crypto revolution that would eventually see its price skyrocket into the stratosphere?
hanyecz has been interviewed many times and his pizza purchase has become one of the key moments in the evolution of bitcoin and the decentralized distributed ledger technology that would ultimately bolster a cryptocurrency market worth around $2.5 billions at its peak. The value of the crypto tracked by coinmarketcap.com is valued at $1.56 trillion as of Saturday afternoon, with bitcoin accounting for 45% of that value and no. the second most popular crypto, ether on the ethereum ethusd blockchain, -0.33%, which represents 18% of the total value of the crypto market.
Some skeptics still see bitcoin as a “scam” or hustle, but digital assets now seem to be in a grudge match with fiat currencies like the US. uu. dollar dxy, +0.29% and euro eurusd, -0.20%, and it is not clear which will win or if traditional currencies will be able to coexist in a new era of money.
hanyecz couldn’t have guessed that a single bitcoin would be worth tens of thousands of dollars 11 years ago, and maybe neither could nakamoto. but that is the intrigue and danger surrounding cryptocurrencies.
see: why do cryptocurrencies fail? will bitcoin prices ever recover? here’s what traders and investors are saying
note dogecoin dogeusd, -1.04%, which was a joke (and still is to some), but the virtual currency surged nearly 7,000% in 2021, changing hands at 34 cents, for the last time in the kraken exchange. the alternative to bitcoin that was designed in 2013 as a riff on charlie lee’s litecoin ltcusd, is well below its peak near 75 cents.
Ultimately, some crypto bulls are using bitcoin pizza day as a moment to reflect on how far blockchain-based assets have come and how far they still have to go to achieve greater legitimacy.
Friday trading in bitcoin represented the second consecutive weekly decline, marking its most severe two-week decline since the period ending July 5, 2013, according to market data from dow jones.
Doubts remain about how countries will tolerate the rise of cryptocurrencies. bitcoin and its ilk have been hit by reports that china will try to crack down on digital assets. and a statement from the us treasury department, noting that it will seek to enforce anti-money laundering rules for bitcoin transactions of $10,000 or more. has dented the enthusiasm of the sector.
read: why china’s crypto crackdown caused bitcoin to crash and could spark backlash
Jeremy sturdivant, the person who said he sold the papa john’s pizza game to hanyecz in exchange for bitcoins, said he got rid of his bitcoin cache shortly after the famous trade.
“Bitcoin as a currency is meant to be spent. Those 10,000 BTC came back into the economy pretty quickly, at the time they were worth about $400,” Sturdivant said in a 2015 interview with Bitcoin Who’s Who.
It’s not clear where bitcoin goes from here. but just like the character neo in “the matrix”, many crypto bulls say that they “didn’t come here to tell you how this is going to end”, they are here to “tell you how this is going to start”. ”
Lately, investors have been pointing to the correlation between bitcoin’s moves and traditional markets. strategists at jpmorgan chase speculated that institutional investors were switching from bitcoin to gc00 gold, -0.05% during the peak of last week’s selloff.
Meanwhile, some market strategists have been highlighting linkages between stocks, such as the nasdaq comp composite index -1.25%, the dow jones djia industrial average -0.50% and the s&p 500 spx, -0.72% and bitcoin.
Those assets are generally uncorrelated, but movements in speculative assets like cryptocurrencies can sometimes reflect investors’ risk appetite.